Tenaya Therapeutics(TNYA) - 2025 Q3 - Quarterly Results

Financial Performance - Tenaya reported a net loss of $20.3 million, or $0.12 loss per share, for Q3 2025, compared to a net loss of $25.6 million, or $0.30 per share, in Q3 2024[10]. - For the three months ended September 30, 2025, total operating expenses were $20,936,000, a decrease from $26,711,000 in the same period of 2024, representing a reduction of approximately 21.6%[16]. - The net loss for the three months ended September 30, 2025, was $20,275,000, compared to a net loss of $25,634,000 for the same period in 2024, indicating an improvement of about 20.5%[16]. - The company reported a net loss per share of $0.12 for the three months ended September 30, 2025, compared to a net loss per share of $0.30 for the same period in 2024[16]. - Interest income for the three months ended September 30, 2025, was $658,000, compared to $1,080,000 for the same period in 2024, showing a decrease of approximately 39.0%[16]. - Total other income, net, for the three months ended September 30, 2025, was $661,000, down from $1,077,000 in the same period of 2024, reflecting a decline of about 38.7%[16]. Expenses - Research and Development (R&D) expenses were $15.4 million for Q3 2025, down from $20.4 million in the same period of 2024[10]. - General & Administrative (G&A) expenses decreased to $5.6 million in Q3 2025 from $6.4 million in Q3 2024[10]. - Research and development expenses for the nine months ended September 30, 2025, totaled $53,809,000, down from $68,054,000 in 2024, reflecting a decrease of approximately 21%[16]. Cash and Assets - As of September 30, 2025, Tenaya had cash, cash equivalents, and investments totaling $56.3 million, expected to support operations into the second half of 2026[10]. - Cash, cash equivalents, and marketable securities as of September 30, 2025, were $56,312,000, a decrease from $61,446,000 as of December 31, 2024[18]. - Total assets decreased to $104,980,000 as of September 30, 2025, down from $119,940,000 as of December 31, 2024, representing a decline of approximately 12.5%[18]. - Total liabilities decreased to $22,112,000 as of September 30, 2025, from $27,086,000 as of December 31, 2024, indicating a reduction of about 18.4%[18]. Clinical Trials and Research - The MyPEAK-1 trial for TN-201 gene therapy showed robust transduction and durable expression with dose-dependent increases in MyBP-C protein[4]. - Tenaya completed dosing in Cohort 2 of the RIDGE-1 trial for TN-401, with three patients enrolled at a dose of 6E13 vg/kg[5]. - A seroprevalence study indicated that nearly 95% of MYBPC3-associated HCM patients had low or absent pre-existing immunity to AAV9, meeting eligibility criteria for the MyPEAK-1 trial[6]. - The independent Data Safety Monitoring Board (DSMB) for the MyPEAK-1 trial confirmed an acceptable safety profile for TN-201, allowing for enrollment in dose expansion cohorts[6]. - Interim data from the MyClimb study indicated that 93% of pediatric participants had the nonobstructive HCM phenotype, with no approved treatment options available[6]. - Tenaya's ongoing clinical trials and research initiatives are focused on transformative treatments for serious genetic cardiomyopathies[3].